Axel Weber - All posts tagged Axel Weber

Here’s some food for thought from other members of a panel of world-renowned economists, including Fed Chair Ben Bernanke, gathered this evening in London to discuss lessons of the financial crisis and the future role of central banks. (Bernanke’s remarks got the full treatment earlier.)

Lawrence Summers, former U.S. Treasury Secretary and top Obama economic adviser:

Macroeconomics and the role of central banks have been forever changed by the crisis.

Without government action, the crisis could have resulted in an unbounded downward spiral – “a possibility ruled out in any textbook model or any model published in a journal in the last several decades,” Summers said.

It’s turning out to be a good 24 hours for the conspiratorially minded, for those interested in squashing speculation, jostling for authority, but also for those who just want to have a grumble. Or visit Canada. Perhaps in that order. Dominique Strauss-Kahn, for a period there persona non grata No. 1, is probably breathing an [...]

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